Bitcoin is not viable for small transactions, and this needs to change.

[Somekindabitcoin]

That would be a 21 trillion Market cap possible.

[lihuajkl]

Probably some alt coins will coexist with Bitcoin, play the role of small amount of transaction. Its transaction fee is small enough to be ignored, especially when the BTC's value increases dramatically. Even small amount of transaction fee 0.0001BTC costs a lot of fiat.

[Wealthy]

For Bitcoin to be accepted as a reliable and convenient currency by the average consumer, it needs to become much more open to smaller transactions (such as paying for groceries, bar bills, or school supplies).

Right now I wouldn't even dream of paying with Bitcoin for anything but large transactions online.

Bitcoin will never grow into a usable currency unless this changes. It will continually be a place for speculators and investors to place money and play with the market.

Thoughts?

You are completely onto a point,to make it a currency accepted in wide base small payments even at a candy store or ice cream truck should start accepting bitcoin.And i see it coming as well with time things doesn't turn out immediately it takes some time

[lindeanin]

You could still walk out of the store after double spending with 0 confirms, and they could not "charge back" or persecute you at all.

Who's going to double spend a small transaction?

I guess the same people who use fake cash bills or stolen credit cards. But doublespending is harder, you need a lot of hashing power for decent chance of success

[Cream]

Indeed I agree there should be a % fee not a fixed fee, but this would affect large transactions..even 5% of 1million is too much.

[9kv]

9kv

if your admitting your a thief then shouldnt you be loving bitcoin, which in your words means that when you pay and walk out with 0 confirms you have 10 minutes to try scamming the system..??

shouldnt you be loving it?

oh wait your on a rant because you cant mess with the system and your just stating as issues which are not issues because you're mad that you cant game the system, thus you want to hate it.

so how about you go back to credit cards and go chargeback scam them, you crazy thieving idiot.

the other possibility is that your trying to cause negative vibes in the hope people pnic sell for you to buy in cheap.. which i find as investment savvy, but just as immoral

I'm admitting I was a thief, dipshit. Don't go around calling people names.

[9kv]

9kv

if your admitting your a thief then shouldnt you be loving bitcoin, which in your words means that when you pay and walk out with 0 confirms you have 10 minutes to try scamming the system..??

shouldnt you be loving it?

oh wait your on a rant because you cant mess with the system and your just stating as issues which are not issues because you're mad that you cant game the system, thus you want to hate it.

so how about you go back to credit cards and go chargeback scam them, you crazy thieving idiot.

the other possibility is that your trying to cause negative vibes in the hope people pnic sell for you to buy in cheap.. which i find as investment savvy, but just as immoral

I'm admitting I was a thief, dipshit. Don't go around calling people names.

So when you stop being a thief if you don't mind me asking? I tend to believe people who were theifs are more likely to return to their former ways if they become stressed about money.

Right about the same time I went to a rehab program in the wilderness, then spent 2 years at a therapeutic boarding school. The same time I stopped using drugs, the same time I got off depression meds and learned to deal with my sadness myself, and the same time I learned to deal with anxiety.

[BurtW]

I'm admitting I was a thief, dipshit. Don't go around calling people names.

That is funny.  "Don't go around calling people names you dipshit."

[EndlessStory]

I suggest a percentage fee for small transactions[lesser than 1000$] and limited fee, like 2$ for transactions greater than that.

It will work just like liberty reserve did.

[giveBTCpls]

Micro-transactions are a legit problem. I wish it could work, because it would solve a lot of problems, and the use would be monumental. I see so many places where instant payments of microscopic value would come in handy. But these bloating problems need to be solved.

[9kv]

I'm admitting I was a thief, dipshit. Don't go around calling people names.

That is funny.  "Don't go around calling people names you dipshit."

You got my joke I worried no one would.

[harrymmmm]

I suggest a percentage fee for small transactions[lesser than 1000$] and limited fee, like 2$ for transactions greater than that.

It will work just like liberty reserve did.

Why don't you guys read a bit before making like bitcoin can't do microtransactions?
https://bitcointalk.org/index.php?topic=244656.0
Mike Hearn implemented a protocol too.
I'm sure there are a dozen others...

[Hasher99]

If you are doing transactions less than a dollar or less than 50 cents then virtual/digital currencies are not for you. Better use physical cash.

BTC has decent fees imo.

[spazzdla]

There is no simple way to pay with bitcoins for a $4 purchase at a convenience store.

$4...

wat the F is this thread.

BTC's problem is micro transactions.. $4 is not a micro transaction.. Newbie account eh.. u must be la trolling.

BTC will NOT be used as people think it will be, peercoin or dogecoin will end up bein the "spending" crypto.  BTC and LTC will be held and horded, this will be good for them.  They will be the better gold and silver, no paper gold shit, you cant pretend you have gold you don't...  it will be the PERFECT store of value.

The fact I can send $.01  with Doge for 1 doge is amazing.

[RodeoX]

I don't know what you mean? I paid $0.50 for something yesterday.

Bitcoin CAN do transactions for less than a penny, but that would spam the network. So true micro transactions are problematic at the moment, but there is little call for them anyway.

[StevenS]

I wish these micro-transactions were more friendly, what happens to the .09 cent fee when bitcoin is worth 1 thousand dollars? 20 cents, and if bitcoin ever hits 1 million? 200 dollar fees. Now, I doubt it will hit the big mil, but IF. If it does, we will be paying 200 dollar transaction fees.

When a BTC becomes worth more, the fee will be adjusted. The Bitcoin protocol does not say the fee has to to be .0001, that's just what it is today.

But doublespending is harder, you need a lot of hashing power for decent chance of success

That's true in order to double-spend a transaction that is confirmed in the blockchain, but you don't need hashing power to double-spend the $4 transaction that is being discussed. You could do it by having a copy of your wallet on a second mobile device, then have 2 accomplices each take a device and pay at 2 different coffee houses at approximately the same time.

Even that would fail if the receiving wallets are connected to closely-connected nodes in the Bitcoin network. In that case, the first transaction would propagate through the network and the 2nd one would be rejected as a duplicate.

Unless I don't understand the protocol. Did I get it right?

[Wooden Plate]

Bitcoin is mainly used for doing transactions of large sums of money and to avoid taxes. Even if you transact 50$ its a clear profit..as you are not loosing much fee.

I suggest to do transactions of $10 atleast, or it would be child's game.

[StevenS]

... and to avoid taxes.

Will you please give an example? (I mean one with names changed, of course.)